Every day, people end with a structure settlement or annuity for one reason or another. Lawsuit settlements are more common than you’d think, with the vast majority of cases … 80 to 92% — settling. So whether you’re stuck with a settlement or a lottery annuity, you may want to consider the benefits of getting your money now rather than having it distributed through payments.
Can I Sell My Annuity? What Does Cash For Your Settlement Mean?
Typically, a lottery annuity or structured settlement annuity gives you your money through payments, which can be subject to income taxes, early withdrawal penalties, and fees up to 3%. However, some companies offer “cash for annuity now” opportunities, through which you sell your annuity for an upfront sum. It’s a great and viable option for many reasons.
Why Shouldn’t I Keep My Annuity?
There are so many reasons why you should sell your annuity, and one of them is that keeping your annuity is a lot harder than it sounds. When received through payments, annuity money can end up being more of a curse than a blessing, and it won’t be long before you consider it yet another worry instead of a reward. It says a lot that even something as seemingly simple as a lottery annuity can be a burden; 48% of lottery winners are left working at their old jobs.
Selling An Annuity Settlement Can Solve Immediate Problems
While you’re waiting for that annuity money to come on, your real issues are still very much present. If you get lottery or settlement cash now, you can take care of problems such as debt or medical bills. Rather than having added concerns of extra taxes and fees, you’re actually making your life simpler.
Cash Now Equals What You Want … Now!
When you win a settlement … or even better, the lottery … you probably feel like you can do whatever you want. From the practical like college tuition to the exciting like vacations, you’re free to spend your money how you wish, right? Not so much when you’re dependent on payments. When you get cash now, you’re ready to go.
Money Isn’t The Only Benefits
Suddenly having a lot more money than you used to can be quite intimidating. When you sell your annuity, you can also receive financial advice from those assisting you. This, plus receiving your money in a simpler fashion, makes life much easier.
When winning a large amount of money, you’re faced with a lot decisions. It’s ridiculous that something as positive as getting money can be so complicated. By selling your annuity, you get the money you deserve in the way that you deserve to have it.